The migration represents a significant shift for Celo, which originally launched as an independent layer-1 blockchain in 2020. By adopting the OP Stack—a framework designed for building layer-2 networks—Celo aims to improve transaction speed and cost efficiency while inheriting Ethereum’s robust security and decentralization.
Dubey highlighted concerns about cryptocurrency, pointing out that Reserve Bank of India (RBI) Governor Shaktikanta Das has consistently stated that cryptocurrencies are not legal tender. Despite this stance, the Supreme Court ruled against restrictions on cryptocurrency exchanges, allowing them to continue operations.
With this deal, MoonPay’s financial services will extend to enterprise-grade stablecoin offerings, enabling businesses to accept cross-border stablecoin payments and hold multi-currency treasuries or yield-bearing assets, such as U.S. Treasury bills.
Quranium and Matter-ID are exploring how decentralized authentication and cryptographically secure identity verification can enhance blockchain security while preserving user privacy.
The RBI has long maintained a cautious stance on crypto, issuing repeated warnings about its risks. However, this raises another question: If crypto has been such a pressing concern, why has India been slow to act on it?
